Carib Scope

分类： business

  • Government receives interim report on possible restart of oil refinery

    Government receives interim report on possible restart of oil refinery

    The Trinidad and Tobago government is advancing plans to resurrect the idled Pointe-a-Pierre oil refinery, with Cabinet expected to review a comprehensive final assessment in early 2026. An interim evaluation submitted to Prime Minister Kamla Persad-Bissessar and Energy Minister Dr. Roodal Moonilal has concluded that reactivating the facility remains technically feasible and commercially promising despite its six-year dormancy.

    The special committee, chaired by former energy minister Kevin Ramnarine, delivered its preliminary findings following an intensive four-month review process involving eleven sessions. The team conducted physical inspections of infrastructure, consulted technical experts, analyzed historical operational data, and developed sophisticated economic models to evaluate viability.

    While noting significant deterioration across multiple processing units due to prolonged inactivity, investigators identified the uncommissioned Ultra Low Sulphur Diesel plant as a particularly valuable asset. The report emphasizes that timing is critical, warning that further delays could accelerate degradation and undermine economic feasibility.

    The proposed restart strategy outlines a four-phase approach prioritizing economic returns, repair complexity, resource availability, and capital expenditure requirements. Prime Minister Persad-Bissessar has mandated that any operational resumption must comply with rigorous health, safety, and environmental protocols.

    Proponents highlight substantial potential benefits including employment generation, foreign exchange earnings, and enhanced regional energy security positioning. The analysis notes that prior to its 2018 closure, the refinery had achieved operational profitability before revenues were diverted to service outstanding debts.

    However, former Energy Minister Stuart Young has characterized the initiative as “smoke and mirrors,” raising critical questions about the projected $1 billion restart costs, crude sourcing challenges, and funding mechanisms. Opposition figures have specifically warned against potential privatization of state-owned Paria Fuel Trading Company, emphasizing the need to maintain national control over fuel distribution infrastructure.

    Trade union representatives have announced plans to hold a press conference addressing the report’s implications for workers and national energy policy.

  • Pioneers, industry leaders honoured at Tunapuna business chamber awards

    Pioneers, industry leaders honoured at Tunapuna business chamber awards

    TUNAPUNA – The National Racquet Centre in Tacarigua served as the prestigious venue on December 4 for the Greater Tunapuna Chamber of Industry and Commerce (GTCIC) to host its annual awards ceremony, casting a well-deserved spotlight on the visionary leaders who have fundamentally shaped the economic landscape of the East-West Corridor.

  • Agostini denies monopoly, Aventa’s government tenders highest in 2014

    Agostini denies monopoly, Aventa’s government tenders highest in 2014

    The Agostini Group has issued a comprehensive rebuttal against persistent allegations that it dominates Trinidad and Tobago’s pharmaceutical sector through monopolistic practices. In a statement released on December 5, the century-old conglomerate presented detailed market data to counter claims of controlling medication pricing, distribution, and market access.

    According to the Group’s analysis, its pharmaceutical distribution arm Aventa has consistently held less than half the value of government tenders while distributing under 30% of the country’s medicinal products. The company emphasized that Trinidad’s pharmaceutical distribution landscape is both well-regulated and competitive, with over 70 registered distributors supplying medicines nationwide.

    Regarding retail operations, Agostini clarified that while Superpharm and Mpharmacy operate under its corporate umbrella, they function separately from Aventa. With 20 outlets collectively, these retailers represent approximately 18% market share—second position in a market comprising more than 500 pharmacies across the nation.

    The Group provided historical tender data spanning 2011-2025 to demonstrate market dynamics. During the People’s Partnership administration (2011-2015), Aventa received 40-50% of government tender value while supplying just over 20% of required products. More recently (2023-2025), the company secured 34.3% of tender value while fulfilling 16% of product requirements.

    This marks the second time in 2025 that Agostini has addressed monopoly allegations. Previous accusations emerged in January from then-opposition senator Wade Mark, followed by June comments from Health Minister Dr. Rishad Seecharan regarding pharmaceutical pricing under the former administration. The Group also faced scrutiny in September regarding foreign exchange allocations through the EXIMBANK facility.

    CEO Barry Davis attributed the company’s century-long success to ‘longstanding relationships with global suppliers, consistent and affordable service, and strict compliance with regulatory standards.’ He explained that pharmaceutical pricing reflects international sourcing costs affected by global inflation, manufacturing constraints, and increased demand for branded drugs.

    Regarding forex access, Davis clarified that EXIMBANK payments go directly to international suppliers, with no US funds received by Agostini subsidiaries. The Group maintains standard loan facilities with EXIMBANK while providing essential pharmaceutical products and basic food items to Trinidadian communities.

  • KFC Jamaica rolls out self-service kiosks

    KFC Jamaica rolls out self-service kiosks

    KINGSTON, Jamaica — In a significant modernization initiative, KFC Jamaica has introduced self-service ordering kiosks across its restaurant network, marking a transformative shift in customer dining experiences. The quick-service giant unveiled this technological advancement at its Springs Plaza location in Half-Way-Tree on Wednesday, with plans to implement the system throughout all 43 Jamaican outlets in phased rollouts over subsequent weeks.

    The touchscreen terminals represent a strategic investment in operational efficiency, enabling patrons to comprehensively browse menu options, customize meals according to personal preferences, and complete transactions without engaging with traditional counter service. This innovation, initially announced during KFC’s 50th-anniversary celebrations in early 2025, aims to accelerate service delivery while providing consumers greater autonomy in their brand interactions.

    Payment flexibility remains central to the new system—customers may opt for direct card transactions at the kiosk interface or proceed to designated cashiers for traditional payment processing after order placement. This dual-path approach maintains accessibility for all payment preferences while streamlining the overall ordering workflow.

    To facilitate customer adaptation, KFC Jamaica has deployed specialized brand ambassadors who provide hands-on guidance for first-time users and address technical inquiries during the transition period. This support mechanism ensures seamless integration of the new technology into existing service frameworks.

    The self-service kiosks complement rather than replace the established remote ordering channels, including WhatsApp communications (876-333-2KFC), the official kfcjamaica.com digital platform, and the proprietary mobile application. This multi-channel strategy reinforces KFC’s commitment to technological inclusivity and customer convenience across all touchpoints.

    Industry analysts view this development as part of a broader trend toward restaurant automation, where major chains leverage digital solutions to enhance service quality, reduce operational bottlenecks, and create more engaging consumer experiences through technological empowerment.

  • Fee cuts for recovery

    Fee cuts for recovery

    In a significant move to accelerate economic recovery, the Jamaican government has unveiled a comprehensive package of business fee reductions for seven parishes severely impacted by Hurricane Melissa. Industry Minister Aubyn Hill announced the measures in the Senate on Friday, targeting both immediate relief and longer-term business revitalization.

    The centerpiece of the initiative involves a 50% reduction in incorporation fees for charities specifically established to support hurricane recovery efforts. This special rate will be available during a four-month window from December 1, 2025, through March 31, 2026, recognizing the crucial role community organizations play in disaster response.

    Additionally, the Companies Office of Jamaica will extend its late fee waiver program for existing businesses in affected areas, now covering the period from October 27, 2025, to October 31, 2026. The agency will also reduce costs for essential documentation services, including letters of good standing and certified copies, which many businesses need to verify their operational status after losing critical paperwork in the storm.

    To improve accessibility, the office will deploy mobile pop-up services across affected parishes between December 2025 and March 2026, bringing essential business services directly to communities still grappling with transportation challenges.

    The announcement came as part of a broader update on post-hurricane recovery efforts that have already involved assessments of 1,293 businesses despite significant infrastructure obstacles. Minister Hill acknowledged the difficulties faced by assessment teams, including blocked roads and communication breakdowns in the immediate aftermath of the disaster.

    While opposition spokesperson Kisha Anderson welcomed the measures, she called for more extensive support, particularly for micro-enterprises that form the backbone of local economies. Anderson argued that many small operators—from hairdressers to craft vendors—typically maintain less than two weeks of cash reserves and may require complete fee waivers rather than reductions to survive. She advocated for establishing a national task force incorporating government, opposition, private sector, and civil society representatives to develop a more structured recovery plan.

  • Pharmacy lobby backs PM to break drugs monopoly

    Pharmacy lobby backs PM to break drugs monopoly

    Trinidad and Tobago’s pharmaceutical sector faces mounting scrutiny as market consolidation allegations prompt official parliamentary investigation. Glenwayne Suchit, President of the Private Pharmacy Retail Business Association (PPRBA), has expressed cautious optimism following Prime Minister’s commitments to address what he describes as a rapidly consolidating monopoly threatening both industry competition and consumer affordability.

    Suchit’s concerns center on market dominance by major players, particularly Aventa and its parent company Agostini Ltd, which he claims control approximately 74% of private wholesale markets and dominate public-sector procurement. The association’s comprehensive 80-page report, prepared by legal counsel Ted Roopnarine, details acquisition patterns that have substantially reduced competition through takeovers of competitors including M-Pharm and Oscar Francois.

    The Parliamentary Public Administration and Appropriations Committee (PAAC) has initiated an inquiry into pharmaceutical acquisitions, issuing subpoenas to multiple government agencies including the Ministry of Finance, Chemistry Food and Drugs Division, Customs and Excise, and the Pharmacy Board. The hearing has been adjourned until January 26 pending further evidence collection.

    Agostini Ltd responded to allegations with a December 5 press release acknowledging regulatory reviews while maintaining the distribution sector remains “regulated and competitive” with over 70 registered distributors. The company disclosed Aventa secured 34.3% of tender awards by value in the 2023-2025 procurement cycle, with combined retail operations representing 18% market share.

    Suchit contends these figures actually validate his concerns, noting that when combined with Bryden’s market share, the two entities control approximately 54% of government tender awards. He further highlighted systemic issues including $80 million in expired pharmaceuticals discovered at Nipdec’s central storage facilities, which he had previously warned about in August 2023.

    Additional challenges include malfunctioning CDAP program infrastructure leaving pharmacies unpaid since March, with over 200 establishments essentially “working for free” according to Suchit. Registration delays at the CFDD have also drawn criticism, with routine products reportedly taking up to a decade for approval.

    The Fair Trading Commission faces particular scrutiny for its handling of competition complaints, with Suchit alleging the agency misunderstood its investigative powers and procedural requirements. Despite these challenges, the PPRBA maintains constructive relations with the Ministry of Health and believes the PAAC inquiry will catalyze necessary institutional reforms to restore market balance.

  • Small biz owners warn of barriers to growth

    Small biz owners warn of barriers to growth

    Entrepreneurs in Barbados are expressing significant concerns about systemic barriers preventing business expansion, identifying limited capital access and insufficient administrative support as primary obstacles. These revelations emerged during the Innovation Growth Market (IGM) 200 event at Hilton Resort Barbados, where business owners detailed their struggles with financial institutions and operational challenges.

    Sasha Archer, Creative Director of digital marketing firm On Brand Global, emphasized the critical need for capital to secure talent and facilitate scaling. “Banking in Barbados is horrible,” Archer stated bluntly, noting that financial constraints are hindering both domestic operations and international business connections. She identified a need for approximately $2.5 million Barbados dollars in capital injection to properly scale operations, particularly for her newly launched content studio, The Space by On Brand Global, which aims to produce regional and international marketing content.

    Rhea Corbin Hart, owner of EDbR Collective and EDbR Party Box, highlighted a different but equally critical challenge: administrative overload. Hart explained that managing multiple roles—from accounting to creative direction—consumes time that should be dedicated to strategic growth. “Even if I got the money right away, I still wouldn’t be able to scale without proper administrative support,” she noted, identifying an administrative assistant as her immediate priority.

    Fitness entrepreneur Thorn Wood of Vibe Lifestyle and Fitness raised concerns about the narrow lending criteria of financial institutions, particularly for service-based businesses. With over 15 years of experience, Wood argued that lending institutions favor traditional sectors like manufacturing and exports while overlooking service businesses. Despite these challenges, Wood is preparing to open his first recreational facility in January at Hayman’s Market with ambitions to expand throughout the Caribbean region.

    All three entrepreneurs are participating in the two-day IGM 200 Workshop with hopes of finding solutions to these persistent barriers to growth.

  • Visitor Spending Up 48% Over a Decade

    Visitor Spending Up 48% Over a Decade

    Antigua and Barbuda’s tourism sector has achieved unprecedented financial success, with Prime Minister Gaston Browne revealing a remarkable 48% surge in visitor expenditure over the past decade. The announcement came during Thursday’s parliamentary presentation of the 2026 national budget, where Browne disclosed that tourism receipts skyrocketed to a record-breaking $2.4 billion in 2024.

    The substantial growth transcends conventional leisure travel, driven instead by strategic positioning as a premier destination for high-value international gatherings. The Prime Minister highlighted several landmark events that significantly elevated the nation’s global standing while generating superior per-capita spending. Among these were the Fourth International Conference on Small Island Developing States (SIDS4), the Caribbean Travel Marketplace, and the Organization of American States General Assembly, each attracting thousands of delegates with substantial disposable income.

    ‘Our tourism product has transformed into one of the region’s most resilient economic assets,’ Browne declared before Parliament. This strategic pivot toward premium markets has established the dual-island nation as the Caribbean’s foremost meetings and conferences hub, effectively extending tourism beyond seasonal limitations.

    Government investments in enhanced infrastructure have been instrumental in this success story. Modernization initiatives include the upgraded cruise port facility, expanded airlift agreements with international carriers, and diversified accommodation options spanning luxury hotels, boutique villas, and a rapidly growing Airbnb sector that now represents approximately 35% of visitor stays. This variety has democratized tourism benefits, distributing economic gains deeper into local communities.

    Additional contributors to the expenditure surge include the expanding luxury yachting industry, strengthened culinary tourism offerings, and innovative entertainment options. The positive trajectory is expected to continue with the upcoming 2026 Commonwealth Heads of Government Meeting, anticipated to draw thousands of high-spending attendees.

    Browne emphasized that tourism’s robust performance underscores its critical role in national development, supporting broader fiscal improvements including budget surpluses and increased capital investment. The parliamentary budget debate is scheduled to resume next week.

  • Inflation Falls to 1.4% — Sharpest Drop Since the Pandemic, PM Reports

    Inflation Falls to 1.4% — Sharpest Drop Since the Pandemic, PM Reports

    The Caribbean nation of Antigua and Barbuda has achieved a remarkable economic milestone, recording its most significant inflation decline since the COVID-19 pandemic era. Prime Minister Gaston Browne revealed during Thursday’s 2026 national budget presentation that consumer prices increased by a mere 1.4 percent on average during the January-August 2025 period.

    This development marks a dramatic reversal from 2022’s peak inflation of nearly 10 percent, when global supply chain constraints and soaring fuel and food costs created substantial economic pressure. In a particularly noteworthy shift, September 2025 witnessed an overall price decrease of 1 percent—the first instance of deflation the nation has experienced in years.

    Prime Minister Browne attributed this positive trend to multiple factors, including improved global supply conditions, reduced freight expenses, and strategic government interventions designed to stabilize living costs. Key measures include sustained fuel and electricity subsidies, along with the government’s suspension of the 42 percent Common External Tariff on specific food imports.

    These policy decisions are anticipated to translate into tangible benefits for consumers, with Browne projecting “cheaper supermarket prices in the coming weeks” as importers obtain essential goods at reduced costs. The Prime Minister issued a stern warning to retailers against absorbing these duty savings, emphasizing that price reductions must be passed through to consumers.

    The administration’s collaboration with Guyana to import lower-cost staple goods is expected to further reinforce price stability into 2026. Browne confirmed the continuation of cost-of-living support programs, including expanded food vouchers, ongoing LPG subsidies, and assistance for approximately 7,000 pensioners and over 1,600 vulnerable households.

    Parliamentary budget discussions are scheduled to continue next week, where further economic measures will be examined.

  • The Islamic Development Bank Institute (IsDBI) and Arab Monetary Fund (AMF) Deliver Training on Using Artificial Intelligence to Foster the Islamic Financial Industry

    The Islamic Development Bank Institute (IsDBI) and Arab Monetary Fund (AMF) Deliver Training on Using Artificial Intelligence to Foster the Islamic Financial Industry

    ABU DHABI, UAE – In a pioneering move to modernize Islamic finance, the Islamic Development Bank Institute (IsDBI) and the Arab Monetary Fund (AMF) have successfully concluded a groundbreaking training program focused on integrating artificial intelligence into the sector. Held from November 24-28, 2025, at the AMF headquarters in Abu Dhabi, the specialized workshop marked the region’s first comprehensive initiative bridging AI technology with Shari’ah-compliant financial principles.

    The collaborative program, designed for professionals from central banks and financial institutions across 22 member nations, brought together 32 specialists for an intensive curriculum. Led by IsDBI experts Dr. Hilal Houssain and Dr. Mohammed Ayyash, the training delved into both theoretical foundations and practical applications of AI technologies including machine learning, neural networks, and big data analytics.

    Curriculum highlights included practical implementations for Islamic banking operations such as enhanced risk assessment models, automated financing application evaluation systems, and advanced fraud detection mechanisms – all developed with strict adherence to Islamic financial principles and governance requirements. Participants gained hands-on experience through interactive sessions where they designed six virtual financial service companies, later integrated into two strategic ecosystems for testing AI-driven solutions.

    A significant focus was placed on the ethical dimensions of AI adoption, linking technological ethics to the higher objectives of Shari’ah (Maqasid al-Shari’ah). The program addressed critical challenges including data quality assurance, algorithmic bias mitigation, and ensuring transparency in AI-driven decision making.

    The training also showcased outcomes from IsDBI’s inaugural AI Hackathon in Islamic Finance, which aimed to transform AAOIFI accounting standards into smart digital solutions for enhanced Shari’ah compliance and accounting transparency. The program concluded with participants developing strategic roadmaps for AI implementation in regulatory institutions and financial entities, emphasizing responsible innovation that aligns with both regulatory standards and Islamic principles. All attendees received certificates of completion, marking a significant step toward building AI capacity within the Islamic financial industry.